PERSHING SQUARE INC.
For the period ended Mar 31, 2026. Filed Jun 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Jun 4, 2026
PS$44.20-14.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations (Unaudited)
| Three months ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue | ||
| Management fees (net of contra-revenue of $3,659,625 and $0) | $57,506,503 | $52,202,369 |
| Performance fees(1) | — | 102,220 |
| Total revenue | 57,506,503 | 52,304,589 |
| Expenses | ||
| General and administrative expense | 15,986,699 | 10,135,089 |
| Affiliates fee rebate | 14,475,474 | 11,611,523 |
| Profit-sharing partner compensation(1) | 11,766,519 | 15,448,224 |
| Employee compensation and benefits | 9,626,805 | 4,140,890 |
| Depreciation and amortization expense | 579,236 | 577,583 |
| Total expenses | 52,434,733 | 41,913,309 |
| Operating income (loss) | 5,071,770 | 10,391,280 |
| Non-operating income (expenses) | ||
| Interest income | 627,946 | 10,460,958 |
| Unrealized gain (loss) on HHH shares held at fair value | (148,590,000) | — |
| Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value(1) | (10,943,780) | 93,128 |
| Other income (expense) | (3,328,092) | 1,261,031 |
| Interest expense | (514,296) | (587,986) |
| Total non-operating income (expenses) | (162,748,222) | 11,227,131 |
| Net income (loss) before taxes | (157,676,452) | 21,618,411 |
| Income tax expense | 857,181 | 1,794,349 |
| Net income (loss) | (158,533,633) | 19,824,062 |
| Less: Net (income) loss attributable to non-controlling interest | 10,943,780 | (93,232) |
| Net income (loss) attributable to Pershing Square Holdco, L.P. | $(147,589,853) | $19,730,830 |
(1)
Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.
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